In the ultracold regime, where the interactions between atoms become quantum mechanical in nature, we can investigate the fundamental properties of matter. A natural progression from the catalogue of pioneering experiments using ultracold atoms is to extend the size of our quantum system by producing ultracold molecules in prescribed low-energy internal states. Techniques for cold molecule production are split into two methods: direct and indirect cooling. While direct cooling methods have yet to realize ultracold temperatures, collisional relaxation in the molecules leads to low internal energy states. By contrast, indirect cooling — the association of molecules from pre-cooled atoms—has produced a range of molecules at ultracold temperatures; the challenge with this technique is to control the internal state. This thesis concentrates on a technique that is complementary to those already in existence: ultrafast photoassociation. Key to this technique is the formation of time non-stationary wavepackets in the excited-state in order to improve FranckCondon overlap of the excited state with deeply bound ground-state vibrational levels. A pump-probe experiment was designed and built to demonstrate the formation of bound excited-state dimers. In this work we show that the initial state from which the wavepacket originates is of critical importance to the evolution of excited-state population. We find that the internuclear separation of the wavepacket produced in a rubidium magneto-optical trap is too large to observe coherent oscillations in the excited state. The implications of this are discussed along with recommendations for future ultrafast photoassociation experiments. Consequently, a new ultracold atom apparatus was built utilizing magnetic and dipole-force trapping to increase the density of the atomic sample; this apparatus will enable future experiments combining the exciting fields of ultracold matter and ultrafast light.